HOUSTON – APA Corporation (NASDAQ:APA), a $9 billion market cap company in the crude petroleum and natural gas industry, announced today that D. Clay Bretches, its Executive Vice President of Operations, has informed the company of his intention to retire, effective July 1, 2025.
The announcement was made through a filing with the U.S. Securities and Exchange Commission. According to InvestingPro, APA maintains a strong financial health score of "GOOD" and has consistently paid dividends for 55 consecutive years.
Bretches' planned departure was disclosed in an 8-K filing, a mandatory report of significant changes regarding management or the company's financial situation. The report did not name a successor or detail any interim plans for the operations division of APA Corp following Bretches' retirement.
The company, headquartered in Houston, Texas, is incorporated in Delaware and is known for its involvement in the energy and transportation sectors. APA Corp has not issued any additional statements on the matter nor provided reasons for Bretches' decision to retire.
As of now, APA Corporation's common stock continues to be listed on the Nasdaq Global Select Market under the ticker symbol APA, trading at $24.30, between its 52-week range of $20.32 to $36.05.
The company's business address and contact information remain unchanged. InvestingPro analysis indicates the stock is currently undervalued, with a P/E ratio of just 3.68. Discover more insights and detailed valuation metrics with InvestingPro's comprehensive research report, available for over 1,400 US stocks.
This development comes as part of the natural cycle of corporate leadership transitions. APA Corporation's filing ensures transparency with investors and the public, adhering to regulatory requirements by promptly reporting such changes. The company maintains strong fundamentals with a gross profit margin of 70% and healthy returns on equity of 72% over the last twelve months.
Investors and market watchers will be awaiting further announcements from APA Corp regarding the transition plan following Bretches' retirement. The company's next steps will be crucial to maintaining the stability and direction of its operations.
The information regarding this executive change is based on the latest SEC filing by APA Corporation.
In other recent news, APA Corporation, a prominent player in the energy sector, recently finalized its acquisition of Callon (NYSE:CPE) Petroleum Company, marking a significant expansion. This strategic merger aims to consolidate APA's industry foothold and capitalize on synergies between the two companies.
APA Corporation also reported a third-quarter consolidated net loss of $223 million, primarily due to a $571 million impairment related to its North Sea and non-core Permian assets. However, the adjusted net income stood at $370 million.
In response to these developments, UBS, Evercore ISI, and RBC Capital Markets have adjusted their price targets for APA Corporation. Analysts from Jeoffrey Lambujon anticipate detailed financial guidance regarding North Sea operations to be provided in February 2024.
In terms of future plans, APA Corporation is strategically focusing on its Permian operations and planning exploration in Alaska for the first half of 2025. The company also plans to sustain production in the Permian and Egypt with a 2025 capital budget of $2.2 billion to $2.3 billion.
Amid these recent developments, APA Corporation faces a $2 billion liability in the North Sea and a slight decline in Egyptian production. However, the GranMorgu project in Suriname is expected to contribute significantly from 2028.
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